back to article Wow, someone managed to make money on Fitbit stock – oh, 'fraudulently'

While Fitbit investors may be weeping over the wearable upstart's slumped share price, at least one person made out like a bandit on the stock, allegedly. On Friday, America's financial watchdog, the SEC, filed fraud charges against Robert Murray, of Virginia, accusing him of ramping up Fitbit's stock price temporarily via …

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Fitbti stock? I'm sure there's a witty sarcastic joke in there somewhere.. but I'm working and therefore my usual ability to come up with something has been nullified.

I throw it out to the floor...

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Coat

Re: "Fitibt"

In Scotland that might be a sarcastic reference to BT wasting money on football, when they should be using that money on improving their pitiful rural internet speeds.

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And yet - this type of stock/bond price manipulation is why we have the 0.01 percenters

Only the poor and clumsy try to do this outside of the normal channels.

The rich and/or the connected get their friends to do the same in the normal financial channels.

Over the last 10+ years the entrenched traders have squeezed anyone else with the smarts. They either hire them or get the enforcers (buddies in SEC/etc.) to disable them.

At least in the US there is very little active prosecution of fraud against the big boys. With our current boy president and his appointees, much less.

As a US citizen, I wouldn't trust the US markets very much. Probably better to put your dollars into another currency/holding.

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Let me see if I get this right...

Item 1: A pump and dump scam where a bloke creates a fake account, pockets less than $4K and the bloke faces criminal charges.

Item 2: A very large TBTF bank called Wells Fargo creates millions of fake accounts, pockets some $MM and no one faces criminal charges.

Oh that's right, Wells Fargo paid a fine. Maybe the bloke should do that and avoid a possible perp walk.

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Ah, but Wells Fargo is Too Big To Fail and has many high-placed friends, whereas this loser is a nobody so he can be safely crushed by the system because no high flyer is going to miss him.

Justice ? Yeah, we've got that somewhere. Send the intern to find it.

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If you can figure out a way to send Wells Fargo to jail, I'm all ears.

"Corporations have neither bodies to be punished, nor souls to be condemned; they therefore do as they like." - said a British Lord Chancellor. In the 18th century. How far we've come.

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Anonymous Coward

Justice ? Yeah, we've got that somewhere. Send the intern to find it.

Intern reports back that she doesn't have enough in her bank account to pay the access fee. Could you please give her a couple of million?

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LDS
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Re: Let me see if I get this right...

Besides the fact that some acts can be some sort of crime themselves (i.e. impersonating or faking a notary), the issue are the "settlements", which are not even "fines" - actually you pay to avoid to admit any wrongdoing, a fine would at least imply you were wrong and you were condemned to pay it. Don't know if that will shield WF from other kind of inquiries about other crimes it could have committed, and if prosecutors will look into it. In some countries it could be compulsory, but AFAIK in the US it isn't.

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Actually it is called the Death Penalty. They can be shut down. It never happens but it can.

Also in the Good Ole US of A corporations have all the same rights and "privilages" and a real person. At least according the the SCOTUS. But they also have legal protections. Don't Get Me Started....

Need one of these now.

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My wife has a fitbit, it's told her nothing she doesn't already know. There's only so long this fad keeps going, why would anyone invest?

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Glad we're catching the top crooks

Just to be clear here, this is $3k worth of fraud that has had waaaay more than $3k spent on investigating and prosecuting it.

I'm really glad that no other cases of fraudulent activity is taking place on our stock markets. Well, by anyone who doesn't have a law firm on retainer and makes healthy campaign contributions.

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LDS
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Re: Glad we're catching the top crooks

So if someone steal your four years old Honda, instead of a new Ferrari, it's worthless to jail and prosecute it?

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Meh

Re: Glad we're catching the top crooks

So if someone steal your four years old Honda, instead of a new Ferrari, it's worthless to jail and prosecute it?

Aha, so you've experienced London's finest too..

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Re: Glad we're catching the top crooks

In this case, someone steals a Honda and gets prosecuted while folks are being home invaded, bound, pistol whipped and their life savings stolen, all in front of the kids, and the perps get a slap on the wrist.

This prosecution is an example of 'regulatory theater' where captured regulators and politicians take a victory lap and say 'look, something is being done' while far more corrosive crimes get a free pass because they are corporations.

Your comment pretty much reflects that the regulatory theater is working.

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Anonymous Coward

See?

We do investigate and prosecute in fraud cases. We don't just go for the easy low hanging fruit honest guvnor. We are effective and well worth the money invested in us.

For fuck sake.

This is an example of making a pot noodle for your toddler for dinner flicking on Cartoon Network and calling your job as a parent done. Cunts.

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Anonymous Coward

it's hard not to cheer for people who tries to defraud a massively rigged gambling market.

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Anonymous Coward

he should have shorted the stock they are only worth $5.50 now

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